Buyers Guide:
At the end of 1990's over 1 million homes in Spain were owned by foreigners, and in the last 5 years this number is thought to have gone up to 1.5 million. Within the next lines there is some advice we think you should know in order to buy a property in Spain.
Apart from the actual cost of a property, you need to allow approximately 10% of the purchase price to cover the solicitor's fees, translator's fees, land registry cost, notary's charges, stamp duty and VAT. To explain better, in order to make any purchase in Spain you should consider:
• Notary fees: estimated 600€ • Solicitor fees (in case you consider to use some private legal advice) estimated 1% of the price of the property. • Register fees: estimated 200€ • Taxes: 7% of the price of the property. • NIE: Foreign Identifiaction Number (your ID in Spain)Please note that the prices here are estimated, and could be changed according to the effective law at the moment. In short, these are the steps you should take when buying a property in Spain:
1. Choose a Real Estate Agent in the area of your choice
2. Decide whether you need a mortgage
3. Register your property requirements (location, bedrooms, price and so on)
4. Arrange a visit Spain to view your selected properties
5. Ask your solicitor to help with opening a bank account in Spain and NIE
6. Place a deposit on a property of your choice.
7. Arrange for a currency conversion at the best possible rates
8. Finalise the transaction in the Notary office.General Information : previous page
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